How did PayPal generate revenue
According to the company report, PayPal now has a total of 277 million customer accounts - including 22 million merchant accounts. The total payment volume for Venmo increased 73 percent year over year to $ 21 billion in the first quarter.
According to PayPal, Venmo is on the way to reaching a payment volume of 100 billion dollars this year. Rival Square, operated by Twitter boss Jack Dorsey, reported 15 million active users for its cash app as of December.
"Venmo continues its momentum," said PayPal boss Dan Schulman in an interview with analysts. "As user growth continues to accelerate, retailers are increasingly turning to Venmo for an engaged customer base."
Venmo has partnerships with Chipotle, GrubHub and Uber, among others, which Schulman says is a key to generating income with the app.
The finance app also works like a social network in many ways: For example, users can comment on payments and see what friends are spending on them. Originally, Venmo was bought by BrainTree and later by PayPal for $ 26 million.
Venmo has not yet become a money machine for its parent company. At a targeted point in time for profitability, PayPal refused to provide any information. But they are extremely satisfied with the development, it said.
In particular, instant transfers and Venmo's debit card would have driven sales growth. The "Wall Street Journal" recently reported that the company would soon introduce a Venmo credit card.
With material from dpa.
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